Bahrain Islamic Bank (BIsB) issued a press release on Tuesday announcing its financial results for the third quarter of this year during which its net profits totaled US$85 million, an increase of 84 percent over its US$46 million net profits during the same period of last year.

AlBaraka Islamic Bank B.S.C (c) (Bahrain) held its annual Ramadan gabgah for its employees which were also attended by the staff of Albaraka Banking Group.

After four days of decline in October, Gulf central banks stepped in to save the local bourses after another day of sharp falls which have seen shares in the UAE alone lose Dhs141bn. Central Bank of the UAE announced that H.E. Sultan Bin Nasser Al Suwaidi travelled to Washington DC and attended the IMF/WB Annual Meetings.

Alsalam Bank Sudan wins ‘’Best bank in Sudan’’ award for 2008 by Global Finance magazine, the American publication, considered as one of the key publications in finance internationally.

Arab Bank has announced the opening of a new branch specialized in Islamic banking services in Hamad Grand Street in Doha, Qatar. The opening of the new branch comes within Arab Bank’s strategy, which entails specific plans to expand in Arab and international markets, amid huge developments these markets are witnessing in term of their structure and the diversity of products.

In accordance with the vision of Husein Mohamed Salem Al Meeza, Vice Chairman towards the social responsibilities of all the financial institutions; Al Salam Bank-Bahrain has donated a total of $2.016m to the Royal Charity Organization in support of university scholarships for distinguished students selected by Royal Charity Organization.

Bank of Sharjah announced that its Lebanese subsidiary, Emirates Lebanon Bank S.A.L. has received the final approval from Central Bank of Lebanon on the acquisition of the operations of the Lebanese branches of Banque Nationale de Paris Intercontinentale as at 30 September 2008.

BankMuscat (SAOG), the nation's leading financial services institution, announced the preliminary results for the period ended September 30, 2008.

BSF has posted SR2,236m net income for the nine months of 2008, SR165m (+8%) more than the net income at the end of nine months of 2007 where income posted was SR2,071m.

Fitch Ratings has today affirmed HSBC Bank Middle East's (HBME) ratings at Long-term Issuer Default (IDR) 'AA-' (AA minus), Short-term IDR 'F1+', Individual 'B' and Support '1'. The Outlook remains stable.

Kuwait-based Gulf Holding Company (GHC) K.S.C. (holding) announced a net profit of KD5.78m ($21.61m approx) for the financial year 2007-08, with earnings per share at 7.51 fils, total shareholder's equity at KD96.10m and total value of assets at KD185.00m.

Abu Dhabi Financial Services (ADFS) has acquired a 70% stake in Egypt’s Al Salam Borkerage. ADFS is a wholly-owned subsidiary of the National Bank of Abu Dhabi. The deal’s completion is pursuant to the approval from the Egyptian Capital Markets Authority and the Egyptian Stock Exchange.

Finance Minister Mohammed Shatah revised Lebanon’s projected GDP growth for 2009 to 3 percent from 5 percent in light of the global financial crisis and the expected economic slowdown in the oil-rich Gulf Arab states. The minister also projected inflation to reach 5 percent this year.